Bitcoin Slides to June Low as Liquidations Surge Across Crypto Futures

Bitcoin sank in early Thursday trading to $59,175, its lowest level this month, before recovering to about $61,500, CoinDesk reported. CoinDesk data shows the selloff sparked close to $1 billion in futures liquidations across major tokens including Bitcoin, Ethereum and Solana. The wave of forced selling was concentrated in long positions, with roughly $430 million of Bitcoin-futures longs automatically closed. Market participants pointed to familiar headwinds: the Federal Reserve's hawkish tone, six straight weeks of net outflows from spot Bitcoin ETFs, thin summer liquidity and the June 30 quarterly options expiry. After topping out near $65,500 on Monday, Bitcoin is down about 10%. Wintermute has previously flagged $59,000 as a key bearish level. CoinGlass data indicate around $1.6 billion in leveraged long exposure sits below $58,000, a zone that could amplify volatility if prices break beneath it again. AI chip shares were also in focus, with traders noting the risk backdrop has been moving in step with crypto. SK Hynix disclosed plans for a U.S. listing, targeting about $29 billion in fundraising, while Samsung and Kioxia rose in early Thursday trading. After a recent pullback driven by concerns the spending cycle was cooling, Micron's performance is being read as evidence demand remains resilient. The rebound in AI-chip names has offered some support to broader risk assets. Attention now shifts to Thursday's PCE inflation release, one of the Federal Reserve's most closely watched price gauges, which could continue to steer near-term moves in crypto assets and U.S. tech stocks.